Links in “UDAP (Regulation AA)”

CFPB settles with retailer and related companies with stores near military bases for practices it deemed "unfair" and "abusive," including filing debt collection lawsuits "far away" from where the credit agreements commenced, hitting back-up payment methods without the servicemembers' awareness and before they were due, contacting the servicemembers' commanding officers to request their intervention in collecting debts, and hitting a family member's account for payment multiple times after the family member had authorized only a one-time payment. [12/19/14]

The NCUA has repealed its regulations governing unfair or deceptive acts or practices. But don’t worry, this area is still being watched over by the FTC. [10/6/14]

A month remains on the public comment period for the Fed's proposal to repeal Regulation AA for banks. Although the repeal was required by the Dodd-Frank Act and the repeal is unlikely to change the banking industry in significant ways, comments are welcomed. [9/26/14]

The federal regulatory agencies recently issued a joint guidance related to the repeal of unfair and deceptive practices rules. What does this mean for your institution? Find out in this episode of Risk Watch featuring AffirmX Analyst Rebecca Drebin. [9/12/14]

The Board of Governors of the Federal Reserve System is proposing to repeal its Regulation AA. Among other provisions, this would remove their authority to write rules, but they would continue to have authority for enforcement against unfair or deceptive acts or practices. [8/27/14]

While the Fed proposed to repeal Reg. AA, the federal banking agencies have issued guidance on unfair or deceptive credit practices. The agencies are quick to point out that the repeal of Reg. AA should not be seen as a signal that deceptive credit practices it prohibited are now permissible. This move is more of a changing of the guard. [8/27/14]

Regulation AA is under review as the Federal Reserve Board requested comment to repeal the regulation. While this regulation would no longer fall under the Federal Reserve Board, unfair and deceptive practices would still be prohibited under the FTC and Dodd-Frank. [8/25/14]

The FTC charges mortgage lead generator with violating the Mortgage Acts and Practices Advertising Rule (MAP) as a result of deceptive marketing and practices. [5/9]

The "unfair" umbrella is being used by regulatory agencies to cover more and more activities they perceive unfavorably. In its motion seeking dismissal of a recent CFPB complaint against it, ITT Educational Services argues that regulated parties do not have fair notice of what constitutes "unfair" or "abusive" acts or practices. [5/1]

FDIC's regional offices are issuing guidance on how overdraft practices may be considered an unfair or deceptive act or practice under Section 5 of the FTC act. [4/17]